SOURCE: Ethanoil and Gas Corp.

October 24, 2007 09:00 ET

Ethanoil Creates Fuel Cell Subsidiary

LAS VEGAS, NV--(Marketwire - October 24, 2007) - Ethanoil and Gas Corp. (PINKSHEETS: EGCP) today announces that in partnership with Hybrid Energy Technologies Inc. ("HET") of Markham, Ontario, the company has formed a Canadian subsidiary called Polygenic Power Systems Inc. The new company is jointly owned by Ethanoil and Gas Corporation (70%) and its partner, Hybrid Energy Technologies, Inc. (30%).

Polygenic Power Systems Inc. ("PPS") will be responsible for Ethanoil's interest in its recently announced Fuel Cell Program, the purchase of which is expected to be finalized in the days ahead.

PPS will manage all aspects of the Fuel Cell Program including in-house and institutional research and development, grant applications, and management of the multiple projects associated with the program. In addition, PPS will be responsible for the marketing of the fuel cell, fuel cell hybrid power systems and any related technologies. Ethanoil anticipates strong OEM and retail interest in the power systems developed by PPS.

Ethanoil and Gas President John Davenport commented, "Our partner in Polygenic Power Systems has already received expressions of interest in these technologies from Europe and the Far East. We are actively and prudently developing the corporate structure necessary to quickly advance the Fuel Cell Program once the acquisition is completed and to provide a seamless transition of ownership of the technologies. Polygenic is now ready to take over the program and to advance all aspects of it, including developing opportunities that are already presenting themselves."

Ethanoil and Gas Corporation (EGCP) is an independent energy company focused on the development of conventional and alternative energy assets. Ethanoil and Gas is focused on the development of long-term, sustainable energy solutions through the cultivation of innovative strategies that directly respond to the most recent developments in the energy and technology sectors.

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Except for historical information contained herein, the matters set forth above may be forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ from those in the forward-looking statements. Words such as "anticipate," "believe," "estimate," "expect," "intend" and similar expressions, as they relate to the Company or its management, identify forward-looking statements. Such forward-looking statements are based on the current beliefs of management, as well as assumptions made by and information currently available to management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors such as the level of business and consumer spending, the amount of sales of the Company's products, the competitive environment within the industry, the ability of the Company to continue to expand its operations, the level of costs incurred in connection with the Company's expansion efforts, economic conditions in the industry and the financial strength of the Company's customers and suppliers. The Company does not undertake any obligation to update such forward-looking statements. Investors are also directed to consider all other risks and uncertainties.

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